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Cognac sales offset coronavirus slump for Remy Cointreau
Cointreau is now anticipating a strong start to its current fiscal year, after 2020/2021 sales dipped by 1.4 percent from the previous year to just over one billion euros ($1.2 billion).
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A general view of atmosphere during Missy Elliotts MTV Video Music Awards after party on Monday, August 26, 2019 in New York City. Guests enjoyed specialty Courvoisier Cognac cocktails throughout the evening. (AFP/Craig Barritt/Getty Images)
F
rench spirits group Remy Cointreau said Friday that its Remy Martin cognac provided a strong counterbalance to the economic effects from the coronavirus last year, even though overall sales fell slightly.
Cointreau is now anticipating a strong start to its current fiscal year, after 2020/2021 sales dipped by 1.4 percent from the previous year to just over one billion euros ($1.2 billion).
That was nonetheless a little higher than the company had forecast, and resulted in part from unfavourable foreign exchange effects, which Cointreau estimated had subtracted 3.5 percent from total sales.
Cognac sales rose meanwhile by 3.7 percent on the year, "thanks to continued excellent momentum in consumption in the United States and mainland China in the fourth quarter," a statement said.
"This performance demonstrates the Group's resilience amid the COVID-19 pandemic," it added.
Looking ahead, the company expects "a strong start to financial year 2021/22 supported by a very favourable base of comparison, shipment phasing benefits, and structurally more buoyant consumer trends in the United States."
It forecasts that current operating profit will grow by around 10 percent in so-called organic terms, which exclude the impact of exchange rate fluctuations, acquisitions and disposals.
